obviously in the terms of provision of credit to the real economy. and i -- obviously, a large part of all of this is regulation and the speed that that's coming in and the extent that it affects the investment banks more than alltory banks. but if at the end of this process, as you say, all european banks follow the same strategy of being domestically focused retail banks with very little else outside of that, they're not going to be particularly profitable in the long run. >> that doesn't necessarily sound like a euro wide banking union, either. aside from the fact that deutsche has been up a little bit, santander is down and banks are generally weaker across the board. >> first of all, you obviously have capital levels. people are concerned whether the banks have enough capital. secondly, litigation risk and finally, default levels. there is so much focus on we need a banking union, we need unity and oversight. there are two key things missing at the moment, and first of all, that's for the ecb to have authority. there's no banking resolution in p